By Jessie Trapp, Marketing Coordinator
In the world of real estate, we all hear the seemingly constant buzz about the ever-evolving technology that is shaking up our industry. The traditional ways in which real estate has been conducted are slipping away, and brokerages and agents alike are being left scrambling to define what they do, and exactly how they ought to do it. The movement to incorporate technology into real estate practices is tempting and, in many aspects, necessary to keep up and maintain a competitive edge. The pressure to stay current with the movement can be daunting, in fact, 48% of all real estate firms consider keeping up with the tech advancements to be one of the most significant challenges they are facing today. The question that arises here is: what technology does one actually need in order to achieve success?
When searching for new software for your brokerage, make sure you’re confident when it comes to exactly what benefits you are hoping to gain from bringing it on board. Further, that you’re aware of the tools you will need in order to fully utilize it. The process of acquiring new software can be costly and have the potential to put a major strain on the financial health of your brokerage if done incorrectly. Simply handing your agents a fancy new program and leaving it at that won’t anyone any good, and definitely won’t rock your agent’s socks off. In order to see the jaw-dropping ROI you are looking to get out of your software, it will require you to invest the time and money into the implementation process so that your agents are continuously being trained on how to use it and actively receiving value from it.
In light of this, avoid the common mistake of buying technology solely for the sake of buying technology. Instead, raise your bar high and purchase software that you deem absolutely essential in order for you to achieve success, and then gear your efforts toward making sure that you are getting everything you possibly can out of it. After all, what’s the point of having flashy technology if you don’t get value from it? No point. The answer is that there’s absolutely no point to that at all.
Here are a few steps we suggest you consider taking before sealing the deal to maximize your success:
Step One: Clearly define your goals.
Look beyond the buzz and clearly define what you are hoping to achieve by incorporating new software into your business. After you decide on a goal, articulate what metrics you will use to gauge when you’ve successfully reached it. Clearly you want your goals to be centered around the main interests of your company. Here are a few that we here at MoxiWorks like to focus on:
- Improving the quality of your marketing efforts
- Increasing lead generation
- Strengthening CRM
- Increasing agent productivity
- Retaining current agents
- Recruiting rockstar new agents
The main takeaway here is clarity. Be able to state what your goal is, and how you will measure its success.
Step two: Look for the missing parts.
Once you define your goals and establish your metrics, it’s then time to create a game plan for how you will go about achieving them. This requires first conducting extensive research within your brokerage to ensure that you are utilizing the skills you already have, making worthy investments in the technology, and avoiding the expensive mistake of double-dipping in resources. Start asking questions to get a clear insight into what you already have covered, and what you will need to look externally to find.
- What types of resources do you already have within your brokerage that can help you reach your goals?
- What steps can’t you complete without the implementation of new technology?
- What does your timeline for onboarding new technology need to look like?
- Will you need your technology partner to supply onboarding assistance and continuous training, or do you have tech savvy agents that can support others in the process?
Asking questions like these will assist you in finding the missing pieces within your own team, and help you pinpoint exactly what you will need to get out of your technology partnership.
Step three: Treat yourself to a technology shopping trip.
After you discover what kind of technology you need, it’s time to begin the hunt for the right company to partner with. Taking the time to complete the previous steps beforehand will make this process much more straight forward. Make sure to compare different options and take on a “What can you do for me?” approach. Brush up on the major players for that kind of software in order to be perceived as educated and become more likely to get a better price.
At MoxiWorks, we know that you have a unique set of goals and needs. This is why we created the MoxiCloud, an open platform of tools that are designed to help you reach your goals within a variety of different segments of your business. We even have a team of amazing Account Managers available to help your onboarding run as smoothly as possible and ensure that your agents have the tools they need to achieve incredible levels of success with our platform. Our clients are happy with our plug-and-play style, and we want you to be too. Take a look at what they have to say.
Brokerage success is dependent on two groups of individuals: your managers and agents. What are you doing to help ensure their success and your brokerage?
If you struggle with this, you’re not alone. The key to brokerage success can be summarized in two words: employee engagement. No really. By providing managers and agents with an engagement plan that includes coaching, communication, and tools training, it will result in real results:
- Increase agent satisfaction and retention
- Stronger manager/agent relationship
- Faster learning of brokerage technology tools
- Higher profits
Measure brokerage success through employee engagement
For us, brokerage success is measured by this engagement. We recognize the challenges brokers face with providing technology for their agents. We see it across the many brokerages we talk with every day. Things like unopened emails or agents who don’t take training. Not to mention a wide spectrum of agents; everything from new agents to top producers, who all have their own habits and preferences. Add it all up and you can see why most technology in most brokerages has low adoption and use.
A brokerage success platform for everyone at your company
Moxi Works is an entire platform with many integrated tools and services. In order to maximize agent use across this platform, we have developed comprehensive methods for engaging all stakeholders including managers, agents, trainers and support staff. It’s a program we’ve developed to help our 50 brokerage clients achieve phenomenal adoption and use rates. Moxi Engage enjoys over 50% use and over 5.5 million sphere contacts. And Moxi Present has over 70% use.
We get these kinds of numbers by making sure everyone at a brokerage understands why they should use the tools, what the tools deliver and how to use them. We do this with materials that are easy to digest and deliver in offices. We rely far less on email and far more on video. We help new brokerages understand the process at the beginning, and we build smart project plans tailored to each brokerage.
Sounds good, right? How do you start the process? The good news for you is we’ve encapsulated our methods into an “Engagement Cookbook.” We use this at the start with new brokerages to implement the full process. It lays out our partnership, content, communication flow, timing, the early steps to take, and finishes with ongoing engagement. Feel free to use it at your brokerage.
As someone who owns or manages a residential real estate brokerage you know the challenges of creating success for your
agents. Success means different things to each agent. They have different life and financial goals and are on different paths to meeting those goals. One agent may need help with listing presentations, while another needs to find better work and life balance. This individuality means the only way to help them is with personalized communication. That’s where it gets hard for you to scale.
The Challenge for Managers
Sure, some of your agents pay for a professional coach, but most don’t. Or they try one and don’t renew their contract. This means the ball is in your court to help them do the right things at the right times. It’s up to you to provide some coaching to give them ideas, feedback and most importantly, accountability.
For most managers this is challenging. Providing accountability in a timely way means meeting regularly with your agents. In a typical office with 20-50 agents the only way to accomplish this is with tools and processes that make it easy for both the agent and the manager.
The Moxi Engage™ Manager Dashboard is the tool designed specifically to help managers coach their agents. It allows managers to review activities and transactions, their percent to financial goal, and perhaps most importantly, jot down and save some meeting notes. This helps managers remind agents about what was talked about last time, providing
The most successful offices with Moxi Engage are the ones coaching their agents and utilizing the Manager Dashboard. The benefits are numerous when you have well-coached agents. Successful agents:
- Feed off themselves and give each other inspiration
- Often mentor new agents very effectively
- The offices are more fun and you retain more agents
- Agents naturally draw other successful agents to your brokerage
“Coaching Your Agents to Success” is a free eBook written by Moxi Works. It’s packed with useful tips for coaching agents, and these don’t require a manager dashboard. Any manager can use them.